Novartis Slumps 12% After Third Pipeline Setback in a Week

Novartis AG's stock fell about 12% premarket after del-desiran failed the Phase III HARBOR study in myotonic dystrophy type 1, showing no significant improvement over placebo on hand opening. It marks the third pipeline setback in a week, following Pelacarsen's cardiovascular risk-reduction miss and eight rap-cel trials paused after three deaths; del-desiran arrived with Novartis's Avidity Biosciences acquisition. Analysts flagged valuation concerns and the potential need for more M&A as the company reiterates its 5–6% long-term sales growth target through 2030.